Personal Consumer Issues • Intrafamily loan for med school?

Thank you all for the feedback, it is deeply appreciated. We could afford to gift the amounts, but then need to make our other two daughters square. That is definitely possible, but fundamentally feels like a good time to encourage self-sufficiency. If I had a crystal ball about loan forgiveness and/or area of practice, it would be easier to see how that might play out. I just hate paying the origination fees and seeing high interest rates accrue when there are alternatives. I clearly wouldn't pursue collections, but it would be a clear estate settlement with loan payments due.

In our family experience (only this):
GC #1, (golden child soup to desert) full ride private university, med school, practice setup including buying medical building space.
(in social psychology, GC is a nomenclature).
Other children, some soup, some desert. Money distributions (help) were all recorded by parents, however.
SC #1 (zero soup, zero desert).

Even with a marginally written trust, when parent's passed, the completely unbalanced funding of school and life turned everything into a mess.
There were "intrafamily loans", and more.
The beneficiaries got together and pressed the executor to erase/void all loans and documentation of who got what penny when for what.

to op:
seek legal counsel for estate planning to set this up if you are not going to help and give outright with no strings attached and no effort to keep balances even.

j

Statistics: Posted by Sandtrap — Fri Jul 05, 2024 7:22 am — Replies 17 — Views 967

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